While regulatory uncertainty permeates the crypto industry currently due to the United States suddenly taking an aggressive and negative stance against the digital asset class, in the UK, Ripple (XRP) has gained sudden clarity alongside Bitcoin and Ethereum.
According to new classifications revealed by the Financial Conduct Authority, Ripple joins the other two most dominant crypto assets on the market, in being classified as an exchange or utility token instead of the more damning security token classification.
XRP Classified As Exchange or Utility Token By Financial Conduct Authority
Ripple’s Global Head of Government Relations Michelle Bond recently revealed news that the UK’s financial market conduct regulator the Financial Conduct Authority, has classified Ripple as an exchange or utility token in its latest report, removing the possibility of being labeled a security token. Being labeled a security token could come with additional scrutiny.